Updated: Apr 17, 2024
With the advancement of medicine data shows the number of years we live have increased with a decline in early year sudden deaths. The declining death rates are increasing the need for long-term care for most individuals. Individuals may also find themselves in need of LTC due to the advances in pharmaceuticals slowing the symptoms of their diseases increasing the individuals longevity.
Medical Advancements are:
helping individuals survive accidents that in the past would have been fatal
offering more outpatient services shortening the time spent at the hospital
helping individuals live longer with the rate of sudden early year deaths declining
Many individuals do not think about LTC services until the need arises. Unfortunately, if an individual waits until they are disabled or too old the option to purchase LTC insurance will no longer be an option. LTC insurance must be purchased before it is needed and many individuals lack the foresight to think that far ahead into the future. It is difficult for some individuals to think that far ahead as most of us tend to focus on short-term benefits or our current needs and wants.
Given the need for long-term care and the high range of cost for LTC services it is becoming more important that an individual plan ahead. While many individuals believe that Medicare or their current health insurance will cover this type of care it is simply not the case. Many individuals may be underestimating the cost of future LTC services, it is not wholly covered under a government program.
Why individuals should consider planning for LTC services sooner rather than later:
planning ahead can ease the financial and emotional burden put onto family members and release one's family from the burden of providing the care if it needed.
planning ahead will promote continued quality of life and allow an individual to define where and how care is delivered allowing for greater independence if the care is ever needed. This will avoid the uncertainty, confusion, and mistakes that could arise when one's family is forced to make that decision when someone becomes too old.
If an individual plans for their LTC needs when they are younger they will have the advantage of options. Long-term care can occur in a variety of places, including in an individual's home, care facilities, and community centers.
There are three primary care levels of LTC:
Custodial Care - focuses on the personal needs of care of activities of daily living bathing, dressing, eating not provided under a doctor's supervision
Intermediate Care - nursing and rehabilitative care that is required only occasionally or part-time is performed by skilled practitioners under a doctor's supervision
Skilled Care - it is care requiring the availability of round-the-clock nursing with the presence of an on duty supervising RN at all times a type of medical care of those requiring close monitoring usually for a short-term period.
Medicare is not a complete coverage of health care it pays for many preventive services and medically necessary health care services. Medicare pays for about half of what seniors will typically incur in total health care expenses. Keep in mind as well that Medicare does not cover routine dental care, eye care, and hearing aids. Medicare does not pay for long-term care at home when the care is primarily custodial care. Medicare was designed to cover acute conditions medical expenses. Medicare will not pay for custodial care outside of a skilled nursing care facility. Medicare covers skilled nursing facility if it is preceded by a hospital stay of at least three days and the physician ordered your stay at the skilled nursing facility with benefits extending through the 1st 100 days of skilled nursing care services.
Insurance terms, definitions and explanations are intended for informational purposes only and do not in any way replace or modify the definitions and information contained in individual insurance contracts, policies or declaration pages, which are controlling. Such terms and availability may vary by state and exclusions may apply.
